Chevron Finally Seems To Be Out Of The Woods, Says Bullish Analyst

After a series of disappointing quarters, Chevron Corp (NYSE:CVX) reported "a resilient set of results," reflecting momentum in the Hess integration, according to RBC Capital Markets.

The Chevron Analyst: Analyst Biraj Borkhataria reiterated an Outperform rating and price target of $175.

The Chevron Thesis: The company seems to be recovering and finally have "the wind in its sails," Borkhataria said in the note.

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Management commentary was mostly focused on the integration of Hess, Chevron's ongoing restructuring program and plans to drive free cash flow into 2026, he added.

"Given many investors are nervous on the macro front, we think the underlying FCF growth story with less emphasis on volume growth is likely to be taken well," the analyst wrote.

Investor interest could increase into the CMD event on Nov. 12, where the company may announce the Permian capex budget to be reduced from $4.5 billion in 2025 to $4 billion in 2026, he further stated.

CVX Price Action: Shares of Chevron had declined by 0.11% to $151.19 at the time of publication on Monday.

Read More:

• Chevron Achieves Record Production, Sees Future Growth After Hess Deal

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